Paul McCulley
Paul McCulley
Paul Allen McCulley is an American economist and former managing director at PIMCO. He coined the terms "Minsky moment" and "shadow banking system", which became famous during the Financial crisis of 2007–2009...
bugs currency fallen gold help last missed open regimes soaring though year
The gold bugs missed that. But they were not wrong, even though most of them went broke. In the end, fiat currency regimes are inflationist. Soaring gold over the last year has coincided with the Fed's open acknowledgement that it has fallen off the disinflation wagon, not because it could not help itself, but because it had no choice." ()
bugs currency fallen gold help last missed open regimes soaring though year
The gold bugs missed that, ... But they were not wrong, even though most of them went broke. In the end, fiat currency regimes are inflationist. Soaring gold over the last year has coincided with the Fed's open acknowledgement that it has fallen off the disinflation wagon, not because it could not help itself, but because it had no choice." ()